Here We Go Again: Ontario Car Insurance Rates Continue to Rise

According to the Financial Services Regulatory Authority of Ontario car insurance rates for many of the province’s drivers will be going up at renewal on average 1.56%.

When it comes time to renew your policy, chances are good you’ll be paying more for your Ontario auto insurance. At least that’s according to the Financial Services Regulatory Authority of Ontario (FSRA), the agency responsible for reviewing and approving auto insurance rate changes in the province.

In the fourth quarter (Q4) of 2019, approved rates increased on average 1.56%. This rise in approved rates is no anomaly. In fact, there have been more than two full years (nine quarters) of upward movement.

Last quarter, approved rates increased on average 2.60%.

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Wide Range in Approved Auto Insurance Rate Changes

Even though the approved rates increased 1.56% on average, some drivers could see their rates go up as much as 11.05% - the largest approved rate change for the quarter. Approximately 40% of the market based on premium volume will be affected by this quarter's approved changes, with 21 different insurers making changes.

And of the rate changes approved, not one is to lower rates.

How much your insurance will change when it's time to renew your auto insurance policy will all depend on who you have your coverage through and the change in rates they're allowed to put in place.

"Consumers are urged to shop around for auto insurance," advises FSRA. "Rates for the same coverage vary based on each insurer's claims experience and the insurer's rating system."

Compare Ontario Auto Insurance Quotes to Get the Best Rate Possible

One of the most important factors in lowering your car insurance rate and getting the best coverage for your needs is to shop around and compare insurance quotes. At Kanetix.ca you can do just that in minutes. Find your best car insurance rate out there and compare quotes today for a better price.

This article is updated quarterly to reflect the latest FSRA announcement results.

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